Eric from Tampa, Florida, has an issue with the rising prices of Homeowner’s Association (HOA) fees. Eric would like to move back to Michigan to be closer to family, but the condo he is looking at has ridiculously high amounts of HOA fees.
Eric wants Dave’s advice on how much is too much. Dave states that you shouldn’t be paying a disproportionate amount in fees. If you spend $1500 in rent but $1000, you pay too much to the HOA.
Dave asked Eric to research the HOA before he moves and make sure they set aside funds for everything. Dave recalls getting slammed for restoring the parking lot of a condo he lived in, but his HOA fees were super low.
Dave suggests checking into their spending habits too. If they are spending too much, they are probably charging too much. You can’t turn a rinky-dink condo into the Taj Mahal. A good association will have an agent that assists the president in making sure the funds are going to the right places.
Finally, check into the politics of the place. If you have someone in charge to be in charge, you may have a bad experience. Make sure they spend their time improving the community and not just checking bushes for the correct diameter.
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